Story of RBP Finivis - Promotes the Theory of Financial Inclusion
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Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Rural Banking Programme (RBP) Finivis.
Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and saw 700 plus subscribers downloading the app on the first day of launch. Founded by husband-wife duo, Sam and Sanaya Gupta, RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.
StartupTalky interviewed Mr. Sam Gupta, Founder & CEO of RBP Finivis to know the startup story of the organization. He also gave insights on the fintech industry, how RBP Finivis was incorporated, its business model, growth, future plans, and more.
RBP Finivis - Company Highlights
| Startup Name | Rural Banking Programme (RBP) Finivis Pvt Ltd. |
|---|---|
| Founders | Sam Gupta, Sanaya Gupta |
| Headquarters | Gurgaon |
| Industry | Fintech, Digital Payments |
| Website | rbpfinivis.com |
RBP Finivis - About and Vision
RBP Finivis - Fintech Industry Details
RBP Finivis History - How it Started
RBP Finivis - Product/Service
RBP Finivis - Founders and Team
RBP Finivis - Name and Logo
RBP Finivis - Business Model and Revenue Model
RBP Finivis - Launch and Marketing Strategy
RBP Finivis - Challenges Faced
RBP Finivis - Current Status
RBP Finivis - Funding
RBP Finivis - Acquisitions
RBP Finivis - Competitors
RBP Finivis - Recognition and Achievements
RBP Finivis - Future Plans
RBP Finivis - FAQs
RBP Finivis - About and Vision
Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a Fintech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc. Today, India is converging into digital payments and a cashless economy, and the platform RBP Finivis is totally focused on providing digital services in this payment sector.
The company’s short-term goal includes bringing door-step banking to the unbanked and to scale-up its business volume. Long term goal is to create a consistent flow of services with value-added products. The company's core belief is to work hard with honesty and be true to one's work.
RBP Finivis - Fintech Industry Details
Fintech is transforming how financial services are being packaged and delivered to consumers from an experience, access, and cost-saving perspective. According to the market, one cannot calculate the actual figure of the market because most of the Retailers have a minimum of two to three IDs for different companies.
As per media reports, there are about 8 Tier I cities, 26 Tier-II cities, 33 Tier III cities, and over 5,000 Tier IV towns, while there are more than 638,000 villages in the country. India is currently the 4th largest retail market in the world and is further expected to grow to $1.3 Crores.
It's well known that the demonetization of the currency has raised digital transactions while the month-on-month rise may not be as high. According to the market, so many startups are already providing financial services through POS, Micro ATM, AePS, and various digital banking solutions. RBP is also part of this journey, it almost covers 6% of this market. But still, there is the scope of a 40% vacant market presence in India where RBP Finivis can reach easily with its products.
Devashish Shrivastava
RBP Finivis History - How it Started
Since the start, Sam has had a passion for online sales. He completed his studies in Electronic Commerce Operations Management (ECOM) in 1998. In 2004, Sam launched a website with unlimited web space with email which was six months before Google launched Gmail.
In 2006, Sam founded Netmax.tv for online movie streaming but could not do big due to lack of funding. In 2015, he created and founded MEGO for the recharge business which was high in this era. Having over 23 years of exposure in countries like Hong Kong, Singapore, Thailand, Malaysia, and Dubai, Sam came back to India in 2019 from Kuala Lumpur and incorporated RBP Finivis Pvt. Ltd.
The team has constantly followed the prime players like PayTM on their products and business strategies and MEGO products were created keeping in mind the requirement of subscribers with cashback offers.
Coming to financial inclusion, happened due to research on subscribers' needs and market base. As per their business study, AePS, mATM, DMT, and recharge were highly demanded. MEGO products like MEGO Selfie, MEGO Zone, MEGO Ginni, and MEGO Bars are designed on the same pattern ready to be launched, the team is just awaiting relaxation on the Covid lockdown.
Friends and professionals experts in eCommerce gave them a go-ahead on the idea shared with them as these products were unique and in demand. They have also incorporated redeeming of cash backs from the web and app to cards.
RBP Finivis - Product/Service
Products are offered as devices, apps, and web-like AePS, mATM, and DMT. These products are offered as doorstep banking. Its user-friendly app and web are its main USP. Also, it has added real-time settlement which is unique and innovative. The team is also launching other MEGO products with cash backs and coupons. RBP Fintech Pvt. Ltd. is a wholly-owned subsidiary of RBP Finivis Pvt. Ltd.
RBP Finivis - Founders and Team
Husband - Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd. Sam takes care of IT, Sales, and Marketing while Sanaya takes care of Administration, Management, and Finance.
Mr. Sam Gupta and Mrs. Sanaya Gupta are married for 16 years and both have followed the eCommerce business very closely. Sam completed his studies in 1988 and went to launch a website in 2004 offering unlimited web space with email ID 6 months before Google launched Gmail. Then in 2007, launched a website for online movie streaming but could not do much due to the lack of funding. The idea of MEGO was conceived in 2015 offering recharge and cash backs and finally was officially launched on 4th January 2021.
The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore.
"The team here is provided with the coolest work environment and 180-degree views of Himachal Hills with full sunlight to bring out better talent at work. We have an in-house HR who constantly brings in young and experienced talent on board in the team" Says Sam Gupta, Founder & CEO, RBP Finivis Pvt Ltd.
Alan Joseph
RBP Finivis - Name and Logo
Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. Its new product MEGO makes the best use of it.
MEGO was a short catchy and easy name and represented Me Going, as a short form it came up with MEGO. It plans to launch a male and female mascot which subscribers can customize according to their liking and this mascot will appear on the screen of subscribers offering discounts and coupons using GPS Tracking.
RBP Finivis - Business Model and Revenue Model
RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.
RBP Finivis - Launch and Marketing Strategy
- It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and it saw 700 plus subscribers downloading the app on the first day of launch. The company gave organic feeds on social media and is yet to launch the Advertising schedule.
- The company is getting instant hits on its app as it is user-friendly, very easy to operate, and the look and feel are liked by the subscribers.
- The team is focusing more on customer support and 24x7 call centers help the subscribers with all their issues instantly.
- RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.
- It recently launched a leader board for merchants with maximum transactions where the company is giving coupons and bikes to the winners. It is to date the most appreciated offer of the company.
"We have a good budget for our marketing campaign and we are looking forward to customer acquisition and retention" Sam added.
Ansh Mehrey
RBP Finivis - Challenges Faced
The most challenging part was signing up and onboarding banks as a business correspondent which involves a lot of compliance. The technical collaboration also was a challenge but our IT Team was capable of handling the situation with ease. The team has been working on strict policies and strategies and all modules that they have worked on were pre-calculated and thoroughly analyzed and implemented.
RBP Finivis - Current Status
RBP Finivis’ platform is completely focused on providing digital services in the payment sector. The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore. The team strategically located the office which is easily approachable and visible giving the company free brand promotion.
"The main aim to establish the company was to reduce poverty and provide financial support to lower-income entrepreneurs" says Sam.
RBP Finivis - Funding
RBP Finivis is a self-funded/bootstrapped company and has not raised any funding yet.
"We are ready with our pitch deck and will be looking for angel investors soon" Sam Gupta (Founder & CEO , RBP Finivis) added.
Jeenal Jain
RBP Finivis - Acquisitions
RBP Finivis recently acquired a major share in RBP Fintech Pvt. Ltd. and have plans to acquire entities in Thailand, Malaysia, Amsterdam, and Singapore.
RBP Finivis - Competitors
Competitors of RBP Finivis are Mahagram, PayNearBy, Relipay, and Bankit among others.
RBP Finivis - Recognition and Achievements
The company has ISO 9001 and 27001 certification and has its legal entity identifier for international recognition.
Varad Kitey
RBP Finivis - Future Plans
- It plans to develop a Country Wide Web of distributors and a million merchants by the year 2022.
- The company plans to achieve 100,000 users in the next 1 month (Aug-Sept 2021).
- It will be launching its White Label, Distributors, B2B and B2C in the first week of August 2021 and will cover all financial inclusion products range by the year 2022.
- RBP Finivis will cover PAN India with a 500 plus workforce and an annual turnover of around 400 Crore.
RBP Finivis - FAQs
What is RBP Finivis?
Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc.
Who founded RBP Finivis?
Husband - Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd.
What is the business model of RBP Finivis?
RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.
What is MEGO?
RBP Finivis launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements. The team is also launching other MEGO products with cash backs and coupons.
Is RBP Finivis Bootstrapped?
Yes. RBP Finivis is a self-funded/boot-strapped company and has not raised any funding yet.
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